Mandatory Notification of Trade

December 28, 2016; In the subsequent offering announced by Petroleum Geo-Services ASA ("PGS" or "the Company") Espen Grimstad, Senior Navigation Specialist and employee elected Board Member in PGS has on December 27, 2016 subscribed for 800 shares at a price of NOK 22.50, of which 87 shares were subscribed for pursuant to granted subscription rights. Upon completion of the subsequent offering, Espen Grimstad will own a total of between 870 and 1 583 shares in the Company.

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.